Wednesday, Aug 10, 2022
Outlook Money

Monetary Authority Of Singapore May Limit Retail Participation In Cryptos, Bitcoin Rises

The Monetary Authority of Singapore (MAS) is contemplating introducing further safeguards on access to crypto among the general public, Bitcoin up by 5.81 per cent and Ethereum gaining 8.92 per cent.

The Monetary Authority of Singapore (MAS) is considering imposing more controls on public access to cryptocurrencies.

The Monetary Authority of Singapore (MAS) is contemplating introducing further safeguards on access to cryptocurrencies to the general public, a senior government minister said, Coindesk reported. The central bank may "place limits on retail participation" and implement regulations on the use of leverage in cryptocurrency transactions, according to Tharman Shanmugaratnam, the minister in charge of MAS.

Since 2017, MAS has consistently warned that cryptocurrencies are not suitable investments for the retail public. "Most cryptocurrencies are subject to sharp speculative price swings. Recent events have vividly demonstrated the risks, with prices of several cryptocurrencies falling drastically," Shanmugaratnam said. 

Elsewhere, a world-first crypto water token has been introduced by H2O Water Securities, a South African firm, reported

According to the firm, more than 2 billion people worldwide—nearly 30 per cent of the world's population—live in water-scarce conditions, and by 2030, that percentage is predicted to rise to 50 per cent.

H2ON (Water Network), a cryptocurrency token, is a way to raise money to fund international water projects, it said. GEM Digital, a digital asset investment company based in the Bahamas that invests in utility tokens, has already invested $150 million in H2ON, it was reported.

Cryptocurrency Prices

The global crypto market capitalisation went up by 6.43 per cent to $909.69 billion as of 9 am. The global crypto volume was up by 37.56 per cent to $55.27 billion, according to Coinmarketcap data. Bitcoin holds new support slightly above $20,000 and other cryptos traded flat over the weekend.

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $20,206.00 higher by 5.81 per cent in the last 24 hours. Ethereum (ETH) was up by 8.92 per cent to $1,145.90

Among other significant coins, Cardano (ADA) was up by 4.04 per cent at $0.4645, Algorand (ALGO) was trading higher by 5.84 per cent at $0.3192, Solana (SOL) was trading with a profit of 8.78 per cent at $35.56, Polkadot (DOT) was up by 4.40 per cent at $6.99, and Binance Coin (BNB) was up by 7.85 per cent at $232.40. 

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 4.04 per cent at $0.06914. Its volume to market cap ratio stands at 00000000.14. Rival Shiba Inu (SHIB) was up by 7.00 per cent at $0.00001068.

Dogelon Mars (ELON) gained 5.25 per cent to trade at $0.0000003227, Floki Inu (FLOKI) gained 7.09 per cent at $0.000006483, and Samoyed Coin (SAMO) rise by 16.15 per cent at $0.008497.

In the DeFi segment, Dai (DAI) was up by 0.08 per cent at $1.00 and Wrapped Bitcoin (WBTC) was trading with a gain of 6.03 per cent at $20,234.62. Avalanche (AVAX) was up by 8.60 per cent at $17.82, Uniswap (UNI) was trading with a gain of 12.03 per cent at $5.32, and Chainlink (LINK) rose by 5.44 per cent at $6.38.